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Trading Plan for August 7, 2010

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August 09, 2010 – Comments (0)

Current Long Positions (stop-losses in parentheses): XLF (14.02), V (68.99), INTC (19.75), ENZN (10.15), QQQQ (44.38)

Current Short Positions (stop-losses in parentheses): None

BIAS: 65% Long

Economic Reports Due Out (Times are EST): None

My Observations and What to Expect:

Futures up moderately.

No major economic news today.

Fed meets tomorrow - expect light trading ahead of FOMC Statement.

Prime opportunity today after Friday test of trend-line and 200-day moving average to finally push through the June highs (right shoulder).

Should that happen, expect a breakout as stop-losses get triggered.

Friday was an intraday example of the Bear's attitude from this past year. Everything looks promising - but never any follow-through. Never legitimate.

Without any major news, the morning gap-up looks very fade-able.

Fed Statement will create lots of volatility in the markets.

Actions I Will Be Taking:

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